Pacific Oak Strategic Opportunity REIT Inc. has completed the sale of 67 acres of undeveloped land within North Las Vegas, Nevada’s Villages at Tule Springs master-planned community. The land was sold to an undisclosed buyer for $55 million and includes rights to build mixed-use commercial buildings, including a casino.
Pacific Oak Strategic Opportunity REIT acquired 1,670 acres in what was originally known as Park Highlands East. The master-planned community was renamed The Villages of Tule Springs and is expected to generate more than $3 billion for the local economy during the next 10 to 15 years.
“We were fortunate to be able to acquire this land in a bankruptcy auction in the years following the Great Recession,” said Keith Hall, CEO of Pacific Oak Strategic Opportunity REIT Inc. “Today’s sale represented the second to last available parcel of the land that we own within the Villages at Tule Springs. We continue to be optimistic about the opportunities we have to continue to create value for our shareholders.”
The Villages at Tule Springs is a master-planned community under development approximately 12 miles from downtown Las Vegas and 16 miles from the Las Vegas Strip. With Interstate 15 three miles to the east of the property, it is the only master planned community that provides both freeway frontage and nearby access to the area’s largest north-south roadway. The property’s location along the 215 Beltway also provides easy access to all major Las Vegas employment centers within the region.
Currently, there are three builders developing seven neighborhoods in a mix of gated and non-gated communities that will bring more than 8,500 homes, including 2,000 reserved for adults 55 and older. Development plans also include commercial and resort property, as well as parks and public facilities.